Overlap between 7-Eleven, Speedway puts hundreds of stores on the market

摘要

Japanese holding company Seven & i has retained investment bankNomura to solicit buyers for nearly 300 gasoline stations, many of whichrepresent conflicts once the parent of 7-Eleven closes on its deal toacquire Marathon’s Speedway network. An early 2021 closing is targeted.In August, Seven & i indicated that it expects proceeds of about $1 billionfor the properties.There will be plenty of buyers thanks to a lot of public and privateequity money focused on rolling up U.S. downstream real estate inwhat has been an exceptionally profitable year for many conveniencestores, particularly those that maximize fuel sales. Companies suchas EG, Couche Tard, ARKO Holdings (GPM), Yesway and even MurphyUSA may be interested, and multiples to EBITDA are flirting with alltimehighs.